Market Trends of outdoor led lighting Industry
Upgradation and renovation of sports stadiums and government funding in the sports sector are expected to drive the growth of the market
- The number of stadiums is expected to witness a growth from 3,957 units in 2022 to 4,205 units in 2030, registering a CAGR of 0.9%. Upgrading new venues as well as the rehabilitation of existing stadiums are encouraged in North America in an effort to increase consumer demand. For the 2022 football season, the new USD 5.5 billion SoFi Stadium in the United States received an upgrade with new illumination that incorporated LED lights. In addition, Jones AT&T Stadium announced plans to focus on two projects and install new LED lights and turf. Jones AT&T Stadium is undergoing a USD 200 million restoration, and Tech Athletics is contributing a total of USD 2.2 million to the project for the additional improvements. These elements support the expansion of the LED market.
- In addition, increasing construction will help fuel the demand in the European market. For instance, Germany constructed its most inclusive stadium in Berlin for the Special Olympics in 2023. The new athletics stadium, which replaced the venerable Friedrich-Ludwig-Jahn-Sportpark, was given EUR 160 million (USD 175.44 million) by the authorities.
- The demand for goods and services in the Asia-Pacific market will also be positively influenced by the increasing government funding for the sports sector and the staging of various events. For instance, the Chinese government announced plans to fund stadium maintenance and infrastructural improvements. For instance, Shanghai suggested that a "sports city" will be built by 2025. The nation hosted competitions like the AFC Asian Cup 2023, the 12th National Traditional Minority Sports in 2023, and the third National Youth Games in order to achieve that. Due to these developments, the LED market is expected to grow in the coming years.
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Increasing energy-efficient construction and the rise in global sales of EVs are expected to drive the growth of the market
- The world's population reached 7.89 billion people in 2021. Global employment figures reached 3.32 billion in 2022 from 3.16 billion in 2015, an increase of almost 0.13 billion. The use of LEDs is expected to increase as more knowledge is spread throughout the population as a result of the rise in the number of employed individuals.
- Despite the COVID-19 pandemic, worldwide spending on energy-efficient construction increased by an exceptional 11.4% in 2020 to over USD 184 billion, up from USD 165 billion in 2019. The yearly growth rate for investments in energy efficiency surpassed 3% for the first time since 2015. The requirement for additional rooms in a house is anticipated to result in increased demand for LEDs due to the rise in the development of energy-efficient buildings and to meet the residential needs of the expanding population.
- In 2022, there were 143.96 million automobiles produced worldwide. In 2023, that number was projected to rise to 150.92 million. Global sales of electric vehicles exceeded 10 million in 2022, and it was predicted that sales in 2023 would rise by another 35% to a total of 14 million. The market share of electric cars rose from 4% in 2020 to 14% in 2022 as a result of this quick expansion. Due to the fact that electric cars need more processors per vehicle than conventional automobiles, there has also been an increase in the need for automotive semiconductor chips as more of them are used. The rise in semiconductor demand in the automotive industry is likely to help the market for LED lighting.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Global sales of commercial construction exceeding by 59% in 2020, increasing pipeline projects, and increasing demand for EVs are expected to drive the growth of market
- Development of smart cities, expansion of green buildings, and increasing government initiatives to promote the use of energy-efficient lighting systems are expected to drive the growth of the market
- Government schemes to replace conventional bulbs with LED lights and increasing global sales of electric vehicles are expected to drive the growth of the market
- Asia-Pacific is one of the significant exporters of LED products, and the growing demand for EVs is expected to drive the growth of the market
- The market is driven by increasing population, rising energy-efficient construction of buildings, and government programs to promote LED penetration
